of August 24, 2000 No. 518
About enhancement of the mechanism of placement of the budget advances and foreign credits recredited by the Government of the Kyrgyz Republic
For the purpose of enhancement of the mechanism of placement, recoverability, restructuring and renewal on legal successors of remaining balance of debts, and also the mechanism of accounting and control of use, the budget advances and the foreign credits recredited by the Government of the Kyrgyz Republic, and also implementation of the order of the Government of the Kyrgyz Republic of March 9, 2000 No. 125 "About results of functioning of agricultural industry of the Kyrgyz Republic in 1999, preparation for spring and field works and carrying out agricultural 2000" regarding offsetting of the agricultural products which are handed over by rural producers on account of debt repayment on borrowed funds and transferred to the business entities processing agricultural raw materials, the Government of the Kyrgyz Republic decides:
1. Approve the enclosed Regulations on procedure for placement of the budget advances and the foreign credits recredited by the Government of the Kyrgyz Republic.
2. To the Ministry of Finance of the Kyrgyz Republic not to charge to business entities interest for using borrowed funds and penalties for delay of payments on the amounts, equal values of the goods or services transferred and rendered on account of debt repayment on borrowed funds according to decisions of the Government of the Kyrgyz Republic, from the date of transfer of these goods or rendering services until carrying out settlement.
3. Determine that offsetting of cost in national currency of the goods and services transferred and rendered by business entities to other business entities in national currency according to earlier counted decisions of the Government of the Kyrgyz Republic of debt repayment on the foreign credits and grants recredited by the Government of the Kyrgyz Republic and issued in foreign currency is made in national currency on the rate established by National Bank of the Kyrgyz Republic for date of transfer of these goods or rendering services.
4. Declare invalid the order of the Government of the Kyrgyz Republic of July 21, 1998 No. 475 "About approval of the Regulations on procedure for allocation of budget advances and the foreign credits".
5. Publish this resolution in mass media.
Prime Minister A. Muraliyev
Approved by the order of the Government of the Kyrgyz Republic of August 24, 2000 No. 518
1.1. This Provision regulates conditions and procedure for placement and return of the budget advances and the foreign credits recredited by the Government of the Kyrgyz Republic (daleecredita), control of their use and also renewals of remaining balance of credit debt on the legal successor (the new borrower), including the translation of debt.
1.2. The credits have the strict target focus caused by the state economic policy and the priority direction of development of economy, and also conditions of agreements with foreign creditors. Conditions of use of the credits are regulated by credit agreements.
1.3. The credits are allocated on the following principles:
- strictly purpose;
- paid nature, urgency;
- obligatory ensuring recoverability;
- preferential, in comparison with conditions of the credit market, provision condition.
2.1. The credits issued to the companies, the organizations and other business entities are provided on condition of accomplishment of obligations by them on interest payment and the amounts of principal debt of repayment of earlier granted loans.
2.2. The credits can be issued to business entities irrespective of patterns of ownership within the means provided on the specified purposes in the republican budget for the corresponding year and also within the resources attracted with the Government of the Kyrgyz Republic from creditors - the international organizations and donors.
3.1. The decision on placement of the credits is made by the Government of the Kyrgyz Republic.
3.2. The decision on issue of budget advances to local public administrations, in case of origin at them in the course of execution of budgets of difficulties with financing of first-priority expenses, is accepted by the Ministry of Finance of the Kyrgyz Republic according to the Law of the Kyrgyz Republic "About the basic principles of the budget right in the Kyrgyz Republic".
3.3. The legal entities applying for receipt of the credits represent to the Ministry of Finance of the Kyrgyz Republic:
- the request petition approved with the higher body or the local state administration with indication of the purpose on which achievement will be used means, the amount and terms of loan demand;
- the feasibility statement (business plan) including the project description, expense budget, calculation of payback and calculation of loan repayment periods and percent for their use;
- balance of the borrower in the last two years and balance for the last date;
- the reconciliation statement of debt on earlier obtained credits or the certificate of absence of debt on the credits;
- the reference of the State tax authorities and the State customs inspection under the Ministry of Finance of the Kyrgyz Republic about debt on obligatory payments in the budget;
- the certificate of Social fund of the Kyrgyz Republic of debt on obligatory payments in Social fund;
- offer on mortgage providing the credits.
3.4. Criteria of preferable allocation of the credits and determinations of list of receivers are:
- degree of priority of field of activity of the borrower on the scale of economic development of the republic;
- degree of reliability of the borrower and reasons for return of the credits.
3.5. The Ministry of Finance of the Kyrgyz Republic considers the materials provided by business entity for receipt of the credits in a month and reports to the borrower about results of consideration. In need of this period additional materials about financial and economic activities for conducting additional examination can be requested.
By results of examination the Ministry of Finance of the Kyrgyz Republic makes offers on allocation of the credits which include in the Government of the Kyrgyz Republic:
- amount of the credits;
- terms of return of the credits;
- interest rates for use of the credits;
- interest rates in case of delay of repayment of the credits;
- description and assessment of pledge;
- the offers connected with insufficiency at the borrower of mortgage providing (if there is such need).
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